With the world’s attention focused on the fight against climate change, Occidental Petroleum Corp. has announced plans to capture carbon dioxide from the air and store it underground. The company plans to build 70 plants to capture up to 30 million metric tons of carbon dioxide annually by 2035, with the project costing an estimated $8 billion. And this expands to 135 plants thereafter. The captured carbon would then be injected into depleted oil and gas fields, which would help boost production.
In a recent on-stage interview at Trend Hunter's Future Festival 2022 event, Occidental Petroleum Corp. CEO Vicki Hollub said the process would be “carbon-neutral,” as the carbon dioxide would be permanently stored underground. The company’s announcement comes as the Biden administration is set to unveil its climate-change plan in the coming weeks. The project is expected to include a major push for carbon-capture technologies and is a major step in Occidental Petroleum Corp's long-term sustainability efforts.
More ambitiously, Occidental is working on additional use cases, aiming to enable carbon capture companies for many of the amazing things you could make with captured carbon, including: carbon capture concrete, carbon capture diamonds, coral reefs, clothing, furniture, and more.
If successful, this project could be a major step forward in the global fight against climate change. The company faces significant challenges, including the high cost of the project and the need to secure regulatory approval, but is dedicated to pushing its efforts forward for a better planet and a greener future.
Vicki Hollub and Occidental Petroleum, we thank you for your noble cause!
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